After rising by over 1% in the recent trading session, the Australian share market has managed to hit a 9 week closing high, with the All Ordinaries index closing up 1.1% to trade at a new 2 month high of 4.857.

The market is now much closer to the level that was seen in late September last year, right before the collapse of Lehman Brothers.

Also, the ASX 200 hiked by 54 points to reach a new high of 4,845.

The volume of trading overall was, however, still low with most traders still out on Christmas vacation.

Among the sectors individually, financials gained 1.2%, and shares of both materials and energy managed to rise by 1.1%.

Yesterday, the US markets had traded, but the Australian markets had not. Also, markets across Australia did not get a chance to react to trading that happened in the US on Christmas Eve, until today, that is.

"The US were up overnight because they didn’t have a public holiday on Boxing Day. We’re catching up on those missed trading sessions", said RBS Morgans private client adviser Trent Muller.